Hello sir, I have a doubt in (disqualification sec 141(3) in security/indebtedness/guarantee) , if there is a case of partnership firm, does we have to check relatives of each individual CA is holding securities for disqualification and if relative of one of the CA is member of the company then firm is disqualified ?

2 answers

Ravi Staff February 9, 2017

If one partner is disqualified then firm is disqualified. So if relative if any partner holds more than 100000 FV of securities then that partner will get disqualified and whole firm will be disqualified.
Relative only becoming member will not attract disqualifications. Holding should cross 1,00,000

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Ravi Staff February 9, 2017

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